Analisis Profitabilitas Berdasarkan Biaya, Laba, dan Segmentasi Pelanggan: Studi Kasus PT Barito Pacific Tbk (2021-2025)

Abstract

Assessing profitability from net income alone can be misleading when earnings include non-recurring transactions. This study analyzes the profitability of PT Barito Pacific Tbk (BRPT) over 2021-2025 from three perspectives: cost, profit, and pustomer segments. A descriptive quantitative approach with qualitative interpretation was applied in a single case study, using secondary data from the company's annual reports and consolidated financial statements. The analysis covers the cost of revenue ratio, gross and net profit margins, EBITDA margin, growth rates, an estimate of core earnings excluding the bargain purchase gain, and revenue contribution by business segment as a proxy for customer groups, because customer-level data are not disclosed.

The results show that the cost of revenue ratio rose to 96.68% in 2025 and the gross profit margin fell to 3.32%, the lowest in the period, while the net profit margin reached 21.17%. This divergence is mainly explained by a bargain purchase gain of about US$1.87 billion from an acquisition; without it, estimated core earnings are negative. The chemical and petrochemical segment contributed 92.0% of 2025 revenue but is exposed to commodity price cycles, whereas the energy segment is smaller yet more stable. The 2025 revenue surge largely reflects the consolidation of a newly acquired refinery business rather than organic growth. These findings imply that net profit margin should be read together with gross margin and the sources of earnings, and that segment-level cost and margin disclosure is needed for a more accurate assessment. The findings are limited to a single company and should not be generalized.